Niko, good post. I didn't go into much detail, but my post was regarding aapl, hans, and amgn ( and a few others with large average daily ranges). For non-intraday swings I mainly use trend lines, MAs, and macd, with RSI2.

The intraday swings of the 3 I listed above have a valid history of moving within my price targets. I set stops and targets according to intraday channel (usually formed well after the open). That channel tends to rest in between the S/R or pivot. Once the break of that channel occurs, more often than not, it moves quickly to the S/R or pivot. Long or short depending on the direction. Volume and RSI at that point, but mainly price and volume. I glance at lvl II, rsi, stochastics, but more and more that becomes too much noise with false signals while I am in an intraday trade.

It seems you can usually find an intraday swing on aapl and amgn of $1 and hans of $.50. If the channel to the S/R or pivot is close, It becomes a possible trade. If the channel is too close to S/R or pivot, I'll wait until it makes a pronounced move with volume.

I'm far from an expert, but understanding the rythm of a stock has been very productive over the last two months. In fact, I've really only played the "intraday" swings as opposed to my normal stragetgy of swing and position trades. I am still working on my exits........

That was pretty long-winded. I guess I can execute better than explain.

Thanks for the info. I would say ure more qualified than most in communicating ure thoughts to others. As for this lazy soul, you already know that I trade by the seat of my pants. But, for the most part, I use S/R as the point of no return.

nikoschopen, I was just getting on line with my new IB account when I saw the market topping.
The COMP Hourly Chart formed a H&S type pattern in the right leg of that double top pattern on the Daily Chart. 10/25 ~ 11/07. You can still see a basic outline of it on the Daily Chart.
Anyhow when the neckline broke I knew it was going down but I wasn't up to speed yet so I didn't pull the trigger.
Still kickin myself for that one.

Yesterday I broke one of my rules which was to trail a stop on a profitable option position going into the Fed announcement. I reasoned that even if the Fed were to lower rates .25 point the market had already factored that disappointment in. WRONG! I was up over 90% on an NYX call. I started watching the intraday action after the announcement thinking we'll find support at 90. Then that support broke, then I thought, we gotta find support at 89. Wrong again...when that support broke I exited the call. Still made 40% on the call but kicking myself. I've been trading long enough to know that when the stock/option position you're in has made such a large move over 5-7 day period and an important announcement is pending....EXIT or pull the stops up TIGHT! As Paul Simon croons..."Still crazy after all these years."

Solely from the charts, this market looks almost too riped to fall. But I'd be cautious for the next few days. By this morning, these same idiotic bulls are prolly pricing in a 50 point rate cut for the next Fed meeting (as if anything is automatically given for the asking) and you never know where the market will tip.

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